Cboe Global Markets Reports Trading Volume for November 2025
Rhea-AI Summary
Cboe (CBOE) reported November 2025 monthly trading volumes across its global business lines with multiple year‑over‑year gains and several monthly records.
Key figures: multi‑listed options ADV of 14.429M contracts (+16.8% YoY, YTD 13.670M, +27.0%); index options ADV of 5.856M contracts (+41.4% YoY); U.S. on‑exchange equities ADV of 1.802B matched shares (+12.5% YoY, YTD 1.790B, +29.6%); Global FX ADV notional $53.12B (+7.2% YoY).
Records: proprietary index options ADV record 5.9M; SPX options ADV record 4.6M; SPX 0DTE ADV record 2.8M; SPX global hours ADV record 122k; XSP ADV record 132k; Cboe SEF NDF ADNV record $3.5B.
Positive
- Index options ADV +41.4% YoY (Nov 2025: 5.856M contracts)
- Multi‑listed options YTD ADV +27.0% (YTD: 13.670M contracts)
- U.S. on‑exchange equities YTD ADV +29.6% (YTD: 1.790B matched shares)
- European equities YTD ADV +32.4% (YTD: €13,035M)
- Cboe SEF NDF ADNV record of $3.5B
Negative
- Cboe Clear Europe monthly cleared trades down 15.3% MoM (Oct 2025 to Nov 2025)
- Australian equities ADV down 9.3% MoM (Oct to Nov 2025)
News Market Reaction
On the day this news was published, CBOE gained 0.40%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
While Cboe fell 1.57%, key peers like NDAQ (+1.78%), MSCI (+1.95%), TRU (+1.55%) and FDS (+0.16%) traded higher, indicating a stock-specific move rather than a broad sector shift. MORN declined 1.64%.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 03 | Monthly volume update | Positive | +0.4% | Reported broad November ADV growth and multiple volume records across products. |
| Dec 02 | Trading hours expansion | Positive | -0.2% | Announced nearly 24-hour trading for Russell 2000 options starting Feb 2026. |
| Dec 02 | Conference presentation | Positive | -0.2% | Detailed leadership’s upcoming presentation at a major financial services conference. |
| Nov 18 | New index products | Positive | +0.5% | Announced launch of Magnificent 10 index futures and options on December 8. |
| Nov 17 | Crypto futures launch | Positive | -0.2% | Planned Bitcoin and Ether continuous futures listing with long expirations and daily cash adjustment. |
Recent Cboe headlines have been consistently positive (product launches, trading-hour expansions, strong volumes), but price reactions were often muted, with several small declines on favorable news.
Over the last few weeks, Cboe announced several growth-focused developments. On Nov 17–18, it detailed new continuous Bitcoin and Ether futures and the launch of Magnificent 10 index futures and options, both with small price moves around ±0.5%. On Dec 2, it highlighted nearly 24-hour trading for Russell 2000 options and a major conference appearance, again with slight negative reactions. The current November volume report on Dec 3 showed broad ADV gains and records, with a modestly positive 0.4% move then, suggesting the stock often reacts incrementally to solid operational updates.
Market Pulse Summary
This announcement detailed November 2025 trading statistics, showing broad ADV growth across options, equities, and Global FX, plus multiple records such as a proprietary index options ADV of 5.9M and SPX options ADV of 4.6M. In the past six months, Cboe also expanded product offerings and trading hours. Investors may track whether these higher activity levels persist and how they translate into revenues in upcoming quarterly filings.
Key Terms
average daily trading volume technical
swap execution facility regulatory
non-deliverable forwards financial
zero-days-to-expiry technical
notional value financial
AI-generated analysis. Not financial advice.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain November trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
Average Daily Trading Volume (ADV) by Month | Year-To-Date | |||||||||||
Nov 2025 | Nov 2024 | % Chg | Oct | % | Nov 2025 | Nov 2024 | % | |||||
Multi-listed options (contracts, k) | 14,429 | 12,355 | 16.8 % | 15,892 | -9.2 % | 13,670 | 10,761 | 27.0 % | ||||
Index options (contracts, k) | 5,856 | 4,141 | 41.4 % | 5,511 | 6.3 % | 4,939 | 4,101 | 20.4 % | ||||
Futures (contracts, k)1 | 284 | 222 | 28.3 % | 259 | 9.8 % | 232 | 241 | -3.8 % | ||||
1,802 | 1,601 | 12.5 % | 2,020 | -10.8 % | 1,790 | 1,381 | 29.6 % | |||||
202 | 94 | 115.0 % | 227 | -10.7 % | 154 | 80 | 93.5 % | |||||
Canadian Equities (matched shares, k) | 186,073 | 159,068 | 17.0 % | 211,986 | -12.2 % | 165,575 | 146,992 | 12.6 % | ||||
European Equities (€, mn) | 12,772 | 11,262 | 13.4 % | 13,192 | -3.2 % | 13,035 | 9,849 | 32.4 % | ||||
Australian Equities (AUD, mn) | 1,025 | 822 | 24.7 % | 1,130 | -9.3 % | 952 | 791 | 20.4 % | ||||
Global FX ($, mn) | 53,120 | 49,565 | 7.2 % | 55,134 | -3.7 % | 52,880 | 47,048 | 12.4 % | ||||
Cboe Clear Europe Cleared Trades (k) | 106,229 | 114,701 | -7.4 % | 125,392 | -15.3 % | 1,373,921 | 1,132,456 | 21.3 % | ||||
Cboe Clear Europe Net Settlements (k) | 1,156 | 995 | 16.2 % | 1,305 | -11.5 % | 12,493 | 10,273 | 21.6 % | ||||
1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. | ||||||||||||
November 2025 Trading Volume Highlights
- Trading in Cboe's proprietary index options suite set several volume records for the month, including:
- New overall proprietary index options ADV record of 5.9 million contracts.
- New S&P 500 Index (SPX) options ADV record of 4.6 million contracts.
- New SPX zero-days-to-expiry (0DTE) options ADV record of 2.8 million contracts.
- New SPX ADV record of 122 thousand during Cboe's global trading hours session (8:15 PM to 9:25 AM ET).
- New mini-SPX (XSP) ADV record of 132 thousand contracts.
Global FX
- Global FX set a new Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards average daily notional value (ADNV) record of
$3.5 billion
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across
Cboe Media Contacts | Cboe Analyst Contact | ||||
Angela Tu | Tim Cave | Kenneth Hill, CFA | |||
+1-646-856-8734 | +44 (0) 7593-506-719 | +1-312-786-7559 | |||
CBOE-V
Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, and VIX® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.
Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.
Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.
Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.
There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.
Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200,
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SOURCE Cboe Global Markets, Inc.
FAQ
What was Cboe (CBOE) average daily multi‑listed options volume in November 2025?
Which Cboe products set volume records in November 2025?
How did Cboe’s Global FX business perform in November 2025?
What change occurred in Cboe Clear Europe volumes in November 2025?
How much did U.S. on‑exchange equities ADV change year‑to‑date for Cboe in 2025?
Did Cboe report growth in index options volume for November 2025 and by how much?
